Eutelsat video revenue falls 17.8% as LEO connectivity grows 30.1% in first quarter

Eutelsat Communications reported first-quarter revenues for 2026-27, the period to 30 September 2026, on 29 October. Total revenue was €286 million, down 2.4% reported and 0.9% like-for-like. Video revenue fell 17.8% like-for-like to €110 million, which Eutelsat attributes to earlier contract renewals, customers optimising capacity and the termination of capacity contracts on the Russian Express AT1 and AT2 satellites. The company expects the pace of decline to moderate.

Low Earth orbit (OneWeb) revenue rose 30.1% to €70.9 million, lifting Connectivity revenue 11.9% to €168.3 million. Total backlog reached €12.1 billion, including €8.9 billion from the IRIS² construction phase; the video backlog stood at €1.2 billion. Eutelsat confirmed its full-year targets, including LEO growth above 30%, and renewed video agreements including Télédiffusion d'Algérie.

Why it matters: Satellite operators are shifting investment from GEO broadcast capacity to LEO connectivity, which affects the capacity and pricing options available to broadcasters and network operators. Renewals such as Algeria's Télédiffusion d'Algérie show GEO video still has African customers.